a man has a RD account in a bank for 1 year at 8% per annum. If he gets 9390 as the time of maturity how much he deposit per month
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Answer:
Maturity Amount, A= 13,830, P= 200, n=5×12=60 months
Period, N=
12
1
[
2
n(n+1)
] years
=
12
1
×60×
2
61
=
2
305
years
Amount Deposited =Pn=200×60= 12,000
Maturity Amount =Pn+
100
PNr
13830=12000+200×
2
305
×
100
r
13830−12000=305×r
1830=305×r
∴ r=
305
1830
=6%
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